West Virginia Mortgage Calculator

In West Virginia, McDowell County has the lowest median monthly mortgage payment at $340, while Jefferson County has the highest at $2,000. These disparities can significantly impact your financial health, influencing your immediate budget and long-term savings and investment strategies.

Using MoneyGeek's mortgage calculator in West Virginia allows you to estimate your monthly mortgage payment, choose the best loan term for your situation and understand the interest paid over the loan's life. This tool helps you see your financial commitments clearly and make informed decisions.

Mortgage Calculator

Simply estimate your West Virginia loan payments, taxes and PMI.

Updated: Sep 4, 2024

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Get personalized mortgage rates from West Virginia.

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Key Takeaways

West Virginia counties with the lowest and highest median monthly mortgage payments are McDowell County at $340 and Jefferson County at $2,000, respectively.

Using a mortgage calculator can help you find a monthly mortgage payment that fits your budget and estimate your total interest over the loan's life.

The average APR for a 30-year mortgage in West Virginia is 6.3%, and for a 15-year mortgage, it is 5.9%.

MoneyGeek uses publicly available data from Zillow for the rates on this page. Mortgage rates shift daily, and we take a snapshot to analyze rate information for West Virginia. We update the data frequently to ensure you have access to the most recent rates, but the values may differ slightly between reporting sources. Unless otherwise stated, all rates are annual percentage rates (APRs).

See the sources cited for more details about data related to median mortgage payments, home prices, down payments and local tax rates.

Interest rate data was last updated in September 2024.

SEE MORTGAGE CALCULATORS IN NEIGHBORING STATES

How to Use Our West Virginia Mortgage Calculator

MoneyGeek's mortgage calculator in West Virginia can calculate your monthly mortgage payments and help you determine your mortgage's affordability. It also provides insights into your amortization schedule, offering a clear financial path ahead.

Calculate Your Monthly Mortgage Payment

Your monthly mortgage payment is influenced by factors like the home's sale price and your down payment. Explore how West Virginia's mortgage calculator can provide you with a clear financial outlook.

1
Home Price
The home price directly influences your monthly mortgage payment in West Virginia. A lower home price in McDowell County, at a median of $58,640, means lower monthly payments than in Jefferson County, where the median is $342,110, according to the National Association of Realtors.
2
Down Payment
The size of your down payment influences your monthly mortgage payment by reducing the loan amount. West Virginia's median down payment was $20,500, according to ATTOM data from September 2024.
3
Annual Percentage Rate (APR)
Your annual percentage rate (APR) impacts your monthly mortgage payment, with a lower APR resulting in lower payments. The current mortgage rates in West Virginia change over time and vary between loan types. For example, the average APR for a 15-year fixed mortgage is 5.9%, and for a 30-year fixed mortgage, it's 6.3%.
4
Loan Terms
Shorter terms, like 15 years, often have higher monthly payments but result in less interest paid over the life of the loan. Conversely, a 30-year term typically has lower monthly payments but accrues more interest over time. Choosing the right term depends on your financial situation and goals.

SAMPLE MONTHLY PAYMENT CALCULATION IN WEST VIRGINIA

Using the mortgage calculator in West Virginia, you can see that the monthly payment for a 30-year fixed-rate mortgage on a $275,000 house with a 20% down payment is $1,362. This figure uses the average APR and does not include additional expenses like HOA fees and property tax.

Choosing a 15-year repayment term for your home loan increases your monthly mortgage payment to $1,845. This change requires a closer look at your budget but results in $158,195 less in interest paid over the life of the loan, offering substantial long-term savings.

Determine Your Mortgage's Affordability

Buying a home is one of the most significant expenses you'll encounter, and your mortgage payments will likely take a substantial portion of your monthly income. Understanding how affordable your mortgage is can greatly affect your financial stability. MoneyGeek's mortgage calculator for affordability can help you determine this by inputting your monthly income and other monthly debts, such as car loans and student loans.

The calculator also reveals your debt-to-income ratio, a vital metric for borrowers. This ratio indicates how much of your income is devoted to debt payments, which is important when planning to secure a mortgage. According to Experian, the average debt in West Virginia is $64,320, translating to an average monthly debt of $5,360.

See Your Amortization Schedule

Amortization is the process of paying off a loan over time through regular payments. To understand amortization, you need to know some key terms:

Principal: The loan amount you borrow. Knowing this helps you see how much you owe.
Interest: The cost of borrowing the principal. Understanding this shows the total cost of your loan.

MoneyGeek's mortgage calculator allows you to see your amortization schedule and estimate the total interest you'll pay over the life of your loan in West Virginia. You can also see when your monthly payments begin to go more toward your principal vs. your interest, helping you understand your payment allocation over time.

Additional Mortgage Fees in West Virginia

Homebuyers in West Virginia need to consider other mortgage fees that could impact your budget. For example, mortgage insurance and HOA fees can increase your monthly payment. Property taxes and homeowners insurance are other costs to keep in mind.

Homeowners Insurance

Homeowners insurance protects your property and personal belongings from damage or theft. It also provides liability coverage if someone is injured on your property. The average homeowners insurance in West Virginia costs $1,646 per year.

Property Tax

Property tax is a levy on real estate that homeowners must pay to the local government. It funds public services like schools and infrastructure. According to the Tax Foundation, West Virginia's effective property tax rate is 0.57%, ranking 44th in the nation.

HOA Fees

HOA fees are payments to homeowners associations for property management, maintenance and community amenities. These fees are typically paid monthly or annually.

Private Mortgage Insurance

Private mortgage insurance (PMI) protects lenders if a borrower defaults on a loan. It applies to conventional mortgages when the down payment is less than 20%. Borrowers must request cancellation once they reach 20% equity, or it will only be automatically removed at 22%.

How Much Is Private Mortgage Insurance in West Virginia?

The average APR for a 30-year fixed loan in West Virginia is 6.3%, while for a 15-year fixed loan, it's 5.9%. Using MoneyGeek's PMI calculator, you can see that for a $275,000 home with a 10% down payment, borrowers with a credit score between 680 and 719 pay PMI worth $117 per month if they get a 30-year fixed-rate loan. The amount becomes $115 if they opt for a 15-year loan instead.

MoneyGeek's mortgage calculator in West Virginia allows you to see your amortization schedule and determine when you can stop paying for PMI:

1
Calculate your monthly mortgage payment
Input the necessary information, such as the home's price, down payment and mortgage rate in West Virginia. If you already know some fees you need to cover, such as property tax or HOAs, include these. If not, leave them blank, but know that you'll still have to pay for these. Run the calculator and get your total monthly payment.
2
Calculate for your target equity
You can request that PMI be canceled when you've accumulated at least 20% equity in your home — this will be your target equity. To calculate your target equity, multiply your home's price by 20%.
3
Determine the remaining equity required
Your down payment already contributes toward the 20% equity you need to request your PMI's cancellation. Deduct your down payment from your target equity to get the remaining amount.
4
Establish a timeline
Go to the Amortization tab of the mortgage calculator. Move the slider until the principal paid exceeds your remaining equity required — that's the year you can stop paying for PMI.

Private Mortgage Insurance Calculator

Calculate your monthly private mortgage insurance (PMI) premium based on your credit score and down payment.

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WHEN CAN YOU CANCEL YOUR PMI?

Let's say you put in an 8% down payment for a home in West Virginia priced at $350,000. With an average APR of 6.3% for a 30-year fixed-rate loan, your monthly mortgage payment is $1,993. You need 20% equity to cancel PMI, equivalent to $70,000.

Subtracting $28,000 (8% of $350,000) from $70,000 gives you $42,000 — that's how much you still need to pay to hit 20% equity. Assuming that your home's value remains the same over the years and that you consistently pay your mortgage, you can request your lender to cancel your PMI by year 10.

How to Lower Your Monthly Mortgage Payment in West Virginia

Your mortgage is probably the biggest expense you have each month. For a $225,000 loan in West Virginia at 6.3% interest, you'll pay $1,362 monthly. However, if you can reduce your APR by 0.25%, your new monthly mortgage payment becomes $1,326. That $36 difference in monthly payment adds up — over a 30-year fixed-rate mortgage, you'll save $12,833 in total interest.

This example highlights the value of finding ways to lower monthly mortgage payments. Here are some strategies to consider:

Improve your credit score

Your credit score affects your mortgage payment. In West Virginia, if you put in a down payment between 5% and 20% of the home's sale price, the average APR for a 30-year fixed-rate mortgage is 7% if your credit score is above 740. However, if your credit score is under 680, the average APR becomes 8.2%. This change in APR makes your monthly mortgage payments go from $1,464 to $1,645.

Save for a bigger down payment

Putting a bigger down payment may result in lower monthly mortgage payments. For a $225,000 loan in West Virginia, putting 8% down makes your APR 7.1%, resulting in a monthly mortgage of $1,700. Increasing your down payment to 25% puts your APR at 6.8% and your monthly mortgage at $1,345.

Choose a longer loan term

A longer loan term affects your monthly mortgage payment. A 15-year fixed-rate mortgage in West Virginia has an APR of 5.9%. A 20% down payment makes your monthly mortgage payment $1,845. Compare this to $1,362, which you'll have to pay each month if you change loan terms to 30 years, even if your APR increases to 6.3%.

Explore homeownership assistance programs

You can find homeowners assistance programs in West Virginia that may help with your mortgage costs. Institutions like the West Virginia Housing Development Fund offer various forms of assistance to eligible homeowners.

FAQ: Mortgage Calculations in West Virginia

Using a mortgage calculator can raise questions for potential borrowers, particularly in West Virginia's housing market. We've addressed commonly asked questions to help you understand your mortgage options.

How much mortgage can I afford in West Virginia?

Your mortgage affordability in West Virginia depends on your debt-to-income ratio (DTI). Lenders typically prefer a DTI ratio below 36%.

What is the average mortgage debt in West Virginia?

According to Experian, the average mortgage debt in West Virginia was $129,889 as of 2023.

How much down payment do I need to purchase a house in West Virginia?

The ideal down payment is 20%, but it varies. Conventional loans usually require 5% to 20%. FHA loans require 3.5%, while VA loans and USDA loans often require no down payment.

Do you really need private mortgage insurance in West Virginia?

PMI is typically required if your down payment is less than 20%. In West Virginia, PMI costs approximately $117 for a 30-year mortgage and $115 for a 15-year mortgage.

What's the effective tax rate in West Virginia?

West Virginia's effective property tax rate was 0.57% in 2023, ranking 44th nationally.

What is the median home price in West Virginia?

Median home prices vary by county. McDowell County has the lowest median home price at $58,640, while Jefferson County has the highest at $342,110.

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